Rs 3,500cr more share capital for rd projects

MUMBAI: The Uddhav Thackeray.-led Maha Vikas Aghadi government on Wednesday decided to provide additional share capital of Rs 3,500 crore for the Mumbai-Nagpur Samruddhi Corridor and waive stamp duty on Memorandums of Understanding (MoUs) between agencies working on this expressway project.

Share capital of Rs 3,500 crore will be infused in addition to the existing capital of Rs 27,335 crore, which is in the form of Rs 3,500 crore from Maharashtra State Road Road Corporation (MSRDC), Rs 5,500 crore from state Public Sector Undertakings, waiver of royalty on minor minerals at Rs 2,414 crore, interest on loans during the construction period at Rs 6,396 crore and the cost of land at '9,525 crore.

A statement released by the chief minister's office (CMO) said the additional share capital will reduce the debt burden of the project by '2,500 crore. It will also remove the need to provide a guarantee for a loan of '16,500 crore. The Cabinet also approved changes in the financial plan.

The revised cost of the project is '55,335 crore, and a loan of '24,500 crore was approved for the special purpose vehicle Nagpur-Mumbai Super Communication Expressway.